Bitcoin Price Plummets to $55K Amid Crypto Market Downturn – Altcoins Also Suffer

  • The cryptocurrency market has experienced a significant return to a bear trend, sparking concerns among investors.
  • This trend is underscored by a substantial drop in leading cryptocurrencies such as Bitcoin, Ethereum, Solana, and XRP.
  • A notable development includes Bitcoin’s declining value, impacting its market dominance and investor sentiment.

Crypto markets plummet as Bitcoin dives to $55,000 and altcoins suffer major losses.

Bitcoin Price and Market Status

Bitcoin has seen a 4.99% drop over the past 24 hours, falling to $55,122.17. The day’s trading range saw lows of $54,321.02 and highs of $57,971.83. Despite the decline, Bitcoin’s market dominance increased marginally by 0.07%, reaching 53.85%, highlighting the weaker performance of altcoins. The market capitalization of Bitcoin now stands at $1.09 trillion. In an intriguing move, Japan’s Metaplanet firm took advantage of the dip by purchasing additional BTC, indicating a potential for future positive price movements.

Ethereum and Solana’s Performance

Ethereum’s value dropped by 5.62%, settling at $2.880,37. Throughout the day, its lowest and highest trading values were $2.826,48 and $3.051,20 respectively. There is still anticipation in the market for the upcoming spot ETH ETFs, which developers and analysts hope will bring more liquidity and price action.

Solana has not fared much better, with a steep decline of 7.97% to $130.79. The trading day saw lows of $128.56 and highs of $142.12, reflecting significant volatility. Such price fluctuations pose substantial risks for investors.

Status of XRP and Other Altcoins

XRP experienced a 6.50% drop, bringing its price down to $0.415. It traded between a low of $0.4047 and a high of $0.4448. Dogecoin (DOGE) fell by 8.75% to $0.1021, and Shiba Inu (SHIB) saw an 8.70% decrease to $0.00001547. Lesser-known altcoins like PEPE, FLOKI, and BONK endured losses ranging from 9% to 14%.

Biggest Losers of the Day

Among the most impacted, Brett (BRETT) dropped 15.36% to $0.1073, while Pepe coin (PEPE) fell by 14% to $0.000008213. Dogwifhat (WIF) and Jupiter (JUP) saw declines of 13.48% and 12.03%, respectively.

Conclusion

In summary, today’s cryptocurrency market has suffered extensive losses, fostering a sense of caution among investors regarding future price movements. Despite small gains in BTC and ETH hourly charts, the overall market trend remains a concern for traders. As always, those engaging in volatile markets are advised to perform thorough due diligence.

BREAKING NEWS

Whale Readjusts ETH Buy Range to $3,660–$3,710, Plans $11M Purchase — On-Chain Analyst

COINOTAG News reports that on October 17 an on-chain...

Trump Files Slimmed-Down 40-Page Defamation Suit Against New York Times Seeking $150 Billion in U.S. Dollars

On October 17, U.S. President Donald Trump refiled a...

Whale Deposits 58.6M ASTER ($92.3M) to Daniel Larimer’s Binance Wallet — Over $23M Loss Reported

On October 17, COINOTAG — citing on‑chain monitoring by...

Bitcoin Enters Short-Term Standstill After Crash — Chris Burniske Eyes $100K Reaction, May Buy Below $75K

Former Ark Invest crypto lead Chris Burniske framed last...

Bitcoin Spot ETF Sees $530.9M Net Outflow on Oct. 17 — Farside: Ethereum Spot ETF Down $56.8M

COINOTAG reported on October 17 that, per Farside data,...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img